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India to import more oil from Brazil

India has expressed interest in increasing imports of crude oil from Brazil, in order to diversify its import basket beyond the volatile Middle East region. In this regard, Oil Minister Shri Dharmendra Pradhan met Brazilian Minister for Mines and Energy Bento Albuqueroque. After the meeting, the Minister tweeted, “India is diversifying its crude oil supply and our oil companies have expressed interest in sourcing more crude from Brazil if offered favorable commercial terms.” Currently, India imports 84% of its oil needs and two-thirds of its import come from the Middle East with Iraq and Saudi Arabia being the top suppliers.